My insurance payments are killing me. I am not using it now because I am trying to get the money together for the projects that required me to get the policy. I know it sounds crazy, but has anyone ever heard of an insurance company putting a policy on hold at your request, or temporarily suspending it so you don’t have to make payments during periods of inactivity?
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Mine is based on a percentage of gross. less what subbed out to guys with their own liability.
So when I go inactive ( dream on Paul) the cost does too.
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My policy was based on an estimated payroll for employees, subs, and gross sales. Upon audit, there may be adjustments, but right now I'm making monthly payments on a annual premium. I'm a new policy holder so they hit me pretty hard.
j... lot's of companies are weeding out their less profitable builders..
and no ... i don't know of any companies that will let you suspend your payments
it is all based on estimated payrolls and expenditures and adjsuted annuallyMike Smith Rhode Island : Design / Build / Repair / Restore
Piffin, Mine is also based on percentage of gross. However, there is a minimum payment due even if I didn't earn one dime for an entire year. Had it happen when I went to work as a super and I had to pay for insurance for an 18 month period that I never earned a dime through my own company.
"Poor is not the person who has too little, but the person who craves more."...Seneca
Same here. I'd probably pay ~$1000 minimum premium even with zero gross.